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Spinneys reroutes food shipments amid Strait of Hormuz disruption, cuts delays from 38 days to 9

Spinneys rerouted sea cargo amid Strait of Hormuz disruption, cutting shipment delays from 38 days to nine as H1 revenue rose 5.1% to AED1.9bn

arabianbusiness.com ·

Spinneys has rerouted its sea cargo shipments due to disruption in the Strait of Hormuz, significantly reducing delays from 38 days to 9 days. The company reported a 5.1% increase in revenue to AED1.9bn for the first half of the year.

The Strait of Hormuz has been closed, impacting oil exports. According to Gulf Times Business, Iraqi crude oil exports have dropped from 3.4 million barrels per day to between 1.5 million and 1.7 million bpd.

The closure has prompted countries to explore alternative routes. Iraq's Minister of Oil, Basim Khudair, stated that the country's oil fields can restore previous production and export levels, and that the government is working to diversify export routes and enhance gas investment.

Brief written by urgent.news from Arabian Business, Quartz, Gulf Times Business — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.

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Korean Air Lines and other domestic airlines are expected to shoulder 3.355 trillion won in additional costs. However, they have secured only 3.6 percent of the carbon emission allowances they need. The International Civil Aviation Organization (ICAO) has decided on a global carbon offset and reduction system for international aviation, known as CORSIA. Under CORSIA, airlines will have to offset 2.5 percent of their 2019 emissions from 2024 and 62.5 percent by 2035. Korean Air Lines, Asiana Airlines, Jeju Air, Jin Air, T'way Air, and Air Busan are among the 37 airlines that fall under the plan. As of 2019, Korean Air Lines had 13.57 million tons of emissions, making it necessary to purchase 14.6 million tons by 2035. However, as of last month, Korean Air Lines had secured only 530,000 tons, or 3.6 percent, of the allowances it needs. Asiana Airlines had 7.58 million tons of emissions in 2019 and will have to purchase 8.2 million tons by 2035. Asiana Airlines has secured 240,000 tons, or 2.9 percent, of the allowances it needs. The six airlines in total had 32.83 million tons of emissions in 2019 and will have to purchase 35.49 million tons by 2035. However, they have secured only 1.29 million tons, or 3.6 percent, of the allowances they need. The airlines will have to purchase more allowances to make up for the shortage. The cost of purchasing the allowances is expected to be substantial. The price of allowances traded on the European Union's carbon market last month was 74.4 euros per ton. If the six airlines purchase the 34.2 million tons they need at this price, they will have to pay 2.54 trillion won. Adding 800 billion won in costs for the airlines to directly reduce their emissions makes a total of 3.355 trillion won. The airlines are complaining that it is unfair to apply the same rules to them as to European Union companies. The European Union's Emission Trading System (EU ETS) has been in place since 2005 and gives companies a sufficient lead time to prepare. In contrast, CORSIA will be implemented in phases, starting in 2024. The domestic airlines are requesting a transition period. However, the government has said it will not help with costs. The Ministry of Land, Infrastructure and Transport said last month that it will encourage airlines to gradually prepare for the implementation of CORSIA through education and consulting. The ministry said it will review whether to support the airlines in the future.

·hani.co.kr

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